Life Science News

  • Reported sales growth of 1.9% to $23.8 Billion with operational growth of 8.1%* and adjusted operational growth of 8.2%*
  • Earnings per share (EPS) of $1.68 increasing 22.6% and adjusted EPS of $2.55 decreasing by 1.9%*
  • Company is maintaining 2022 full-year guidance midpoints for adjusted operational sales and reported adjusted EPS; increasing adjusted operational EPS performance offsetting continued unfavorable currency impacts

Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2022. "Our third quarter performance demonstrates our continued strength and resilience across all three of our businesses," said Joaquin Duato, Chief Executive Officer. "Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions. Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline."

OVERALL FINANCIAL RESULTS

Q3

($ in Millions, except EPS)

2022

2021

% Change

Reported Sales

$23,791

$23,338

1.9%

Net Earnings

4,458

3,667

21.6%

EPS (diluted)

$1.68

$1.37

22.6%

Q3

Non-GAAP* ($ in Millions, except EPS)

2022

2021

% Change

Operational Sales 1,2

8.1%

Adjusted Operational Sales 1,3

8.2%

Adjusted Net Earnings 1,4

6,779

6,968

(2.7)%

Adjusted EPS (diluted) 1,4

$2.55

$2.60

(1.9)%

1 Non-GAAP financial measure ; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
4 Excludes intangible amortization expense and special items
Note: values may have been rounded

REGIONAL SALES RESULTS

Q3

% Change

($ in Millions)

2022

2021

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

U.S.

$12,453

$11,963

4.1%

4.1

-

4.2

International

$11,338

$11,375

(0.3)

12.3

(12.6)

12.4

Worldwide

$23,791

$23,338

1.9%

8.1

(6.2)

8.2

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
Note: Values may have been rounded

SEGMENT SALES RESULTS

Q3

% Change

($ in Millions)

2022

2021

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

Consumer Health 4

$3,795

$3,812

(0.4)%

4.7

(5.1)

4.8

Pharmaceutical 4

$13,214

$12,882

2.6

9.0

(6.4)

9.2

MedTech

$6,782

$6,644

2.1

8.1

(6.0)

8.1

Worldwide

$23,791

$23,338

1.9%

8.1

(6.2)

8.2

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
4 Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
Note: Values may have been rounded

TH IRD QUARTER 2022 SEGMENT COMMENTARY:
Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Consumer Health
Consumer Health worldwide adjusted operational sales increased 4.8%*. Major contributors to growth include upper respiratory and analgesic products in the over-the-counter franchise, NEUTROGENA and AVEENO in Skin Health/Beauty and Women's Health products outside the United States.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 9.2%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases and IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer.

MedTech
MedTech worldwide adjusted operational sales grew 8.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, Trauma in Orthopaedics and wound closure products in General Surgery.

NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction with Johnson & Johnson's other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov , www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company's website at news releases , as well as www.factsabouttalc.com , www.factsaboutourprescriptionopioids.com , and www.LTLManagementInformation.com .

Regulatory Decisions

STELARA (ustekinumab) Approved by the U.S. Food and Drug Administration to Treat Pediatric Patients with Active Psoriatic Arthritis

Press Release

European Commission Approves IMBRUVICA (ibrutinib) in a Fixed-Duration Combination Regimen for Adult Patients with Previously Untreated Chronic Lymphocytic Leukaemia (CLL)

Press Release

Janssen Marks First Approval Worldwide for TECVAYLI (teclistamab) with EC Authorisation of First-in-Class Bispecific Antibody for the Treatment of Patients with Multiple Myeloma

Press Release

U.S. FDA Approves IMBRUVICA (ibrutinib) as First and Only BTKi Treatment for Pediatric Patients with Chronic Graft-Versus-Host Disease

Press Release

Data Release

Janssen Announces New Data Supporting Safety and Efficacy of RYBREVANT and Lazertinib Combination for Patients with Non-Small Cell Lung Cancer and EGFR Mutations

Press Release

Final Analysis of Phase 2 GRIFFIN Study Presented for DARZALEX (daratumumab)-based Investigational Quadruplet Regimen in Patients with Newly Diagnosed, Transplant-Eligible Multiple Myeloma

Press Release

TREMFYA (guselkumab) Demonstrates Higher Rates of Complete Skin Clearance with Earlier Treatment in Adults with Moderate to Severe Plaque Psoriasis in Phase 3b GUIDE Study

Press Release

Results of Novel Clinical Study of Guselkumab and Golimumab Combination Therapy Show Adults with Moderately to Severely Active Ulcerative Colitis Maintained Higher Rates of Clinical, Histologic, and Endoscopic Remission at Week 38 1

Press Release

STELARA (ustekinumab) Demonstrated Sustained Symptomatic and Corticosteroid-Free Remission Through Four Years in Adults with Moderately to Severely Active Ulcerative Colitis 1

Press Release

Janssen Announces Late-Breaking Data from Two Gene Therapy Programs at the American Academy of Ophthalmology 2022 Annual Meeting

Press Release

Product Launches

Biosense Webster Launches the OCTARAY Mapping Catheter with TRUEref Technology

Press Release

Johnson & Johnson Vision Introduces All Purpose EDOF, TECNIS Symfony OptiBlue IOL, the Latest PC-IOL Powered by InteliLight Technology

Press Release

Johnson & Johnson Vision Launches New Contact Lens Innovation to Help Meet the Needs of Digitally Intense Lifestyles: ACUVUE OASYS MAX 1-Day

Press Release

Biosense Webster Launches HELIOSTAR in Europe, the First Radiofrequency Balloon Ablation Catheter, Enabling Physicians to Perform More Efficient Cardiac Ablations 1

Press Release

Other

Johnson & Johnson Announces $5 Billion Share Repurchase Program

Press Release

Johnson & Johnson Appoints Larry Merlo as Non-Executive Chair Designate of Planned New Consumer Health Company

Press Release

Johnson & Johnson Announces Kenvue as the Name for Planned New Consumer Health Company

Press Release

1 Subsequent to the quarter.

FULL-YEAR 2022 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)

October 2022

July 2022

Adjusted Operational Sales 1,2,5

Change vs. Prior Year

6.7% – 7.2%

6.5% – 7.5%

Operational Sales 2,5 / Mid-point 2,5

Change vs. Prior Year / Mid-point

$97.5B – $98.0B / $97.8B

6.7% – 7.2% / 7.0%

$97.3B – $98.3B / $97.8B

6.5% – 7.5% / 7.0%

Estimated Reported Sales 3,5 / Mid-point 3,5

Change vs. Prior Year / Mid-point

$93.0B – $93.5B / $93.3B

1.8% – 2.3% / 2.1%

$93.3B – $94.3B / $93.8B

2.1% – 3.1% / 2.6%

Adjusted Operational EPS (Diluted) 2,4 / Mid-point 2,4

Change vs. Prior Year / Mid-point

$10.70 – $10.75 / $10.73

9.2% – 9.7% / 9.5%

$10.65 – $10.75 / $10.70

8.7% – 9.7% / 9.2%

Adjusted EPS (Diluted) 3,4 / Mid-point 3,4

Change vs. Prior Year / Mid-point

$10.02 – $10.07 / $10.05

2.3% – 2.8% / 2.6%

$10.00 – $10.10 / $10.05

2.1% – 3.1% / 2.6 %

1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2 Non-GAAP financial measure; excludes the impact of translational currency
3 Calculated using Euro Average Rate: October 2022 = $1.04 and July 2022 = $1.05 (Illustrative purposes only)
4 Non-GAAP financial measure; excludes intangible amortization expense and special items
5 Excludes COVID-19 Vaccine
Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast .

WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website . A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations .

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:
* "Operational sales growth" excluding the impact of translational currency, "adjusted operational sales growth" excluding the net impact of acquisitions and divestitures and translational currency, as well as "adjusted net earnings", "adjusted diluted earnings per share" and "adjusted operational diluted earnings per share" excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly results .

Copies of the financial schedules accompanying this earnings release are available on the company's website at quarterly results . These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today's earnings call presentation can also be found in the Investors section of the company's website at quarterly results .

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company's Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company's ability to satisfy the necessary conditions to consummate the separation of the Company's Consumer Health business on a timely basis or at all; the Company's ability to successfully separate the Company's Consumer Health business and realize the anticipated benefits from the separation; the New Consumer Health Company's ability to succeed as a standalone publicly traded company; and risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company's ability to execute business continuity plans, as a result of the COVID-19 pandemic. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 2, 2022, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)

THIRD QUARTER

NINE MONTHS

Percent Change

Percent Change

2022

2021

Total

Operations

Currency

2022

2021

Total

Operations

Currency

Sales to customers by
segment of business
Consumer Health (1)
U.S.

$ 1,659

1,625

2.1

%

2.1

-

$ 4,903

4,987

(1.7

)

%

(1.7

)

-

International

2,136

2,187

(2.3

)

6.7

(9.0

)

6,283

6,320

(0.6

)

6.0

(6.6

)

3,795

3,812

(0.4

)

4.7

(5.1

)

11,186

11,307

(1.1

)

2.6

(3.7

)

Pharmaceutical (1)
U.S.

7,438

7,221

3.0

3.0

-

21,229

20,536

3.4

3.4

-

International

5,776

5,661

2.0

16.7

(14.7

)

18,171

16,927

7.3

18.5

(11.2

)

13,214

12,882

2.6

9.0

(6.4

)

39,400

37,463

5.2

10.2

(5.0

)

Pharmaceutical excluding COVID-19 Vaccine (1,3)
U.S.

7,438

6,951

7.0

7.0

-

21,109

20,115

4.9

4.9

-

International

5,287

5,429

(2.6

)

11.3

(13.9

)

16,801

16,582

1.3

11.7

(10.4

)

12,725

12,380

2.8

8.9

(6.1

)

37,910

36,697

3.3

8.0

(4.7

)

MedTech (2)
U.S.

3,356

3,117

7.7

7.7

-

9,932

9,470

4.9

4.9

-

International

3,426

3,527

(2.9

)

8.5

(11.4

)

10,719

10,731

(0.1

)

8.2

(8.3

)

6,782

6,644

2.1

8.1

(6.0

)

20,651

20,201

2.2

6.6

(4.4

)

U.S.

12,453

11,963

4.1

4.1

-

36,064

34,993

3.1

3.1

-

International

11,338

11,375

(0.3

)

12.3

(12.6

)

35,173

33,978

3.5

12.9

(9.4

)

Worldwide

23,791

23,338

1.9

8.1

(6.2

)

71,237

68,971

3.3

7.9

(4.6

)

U.S.

12,453

11,693

6.5

6.5

-

35,944

34,572

4.0

4.0

-

International

10,849

11,143

(2.6

)

9.5

(12.1

)

33,803

33,633

0.5

9.5

(9.0

)

Worldwide excluding COVID-19 Vaccine (3)

$ 23,302

22,836

2.0

%

8.0

(6.0

)

$ 69,747

68,205

2.3

%

6.7

(4.4

)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes.
(2) Previously referred to as Medical Devices
(3) Refer to supplemental sales reconciliation schedule
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)

THIRD QUARTER

NINE MONTHS

Percent Change

Percent Change

2022

2021

Total

Operations

Currency

2022

2021

Total

Operations

Currency

Sales to customers by
geographic area
U.S.

$ 12,453

11,963

4.1

%

4.1

-

$ 36,064

34,993

3.1

%

3.1

-

Europe

5,524

5,587

(1.1

)

14.5

(15.6

)

17,633

16,669

5.8

18.2

(12.4

)

Western Hemisphere excluding U.S.

1,562

1,500

4.1

9.1

(5.0

)

4,580

4,291

6.7

9.6

(2.9

)

Asia-Pacific, Africa

4,252

4,288

(0.9

)

10.5

(11.4

)

12,960

13,018

(0.4

)

7.2

(7.6

)

International

11,338

11,375

(0.3

)

12.3

(12.6

)

35,173

33,978

3.5

12.9

(9.4

)

Worldwide

$ 23,791

23,338

1.9

%

8.1

(6.2

)

$ 71,237

68,971

3.3

%

7.9

(4.6

)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures) THIRD QUARTER

2022

2021

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$

23,791

100.0

$

23,338

100.0

1.9

Cost of products sold

7,807

32.8

7,250

31.1

7.7

Gross Profit

15,984

67.2

16,088

68.9

(0.6

)

Selling, marketing and administrative expenses

6,089

25.6

6,000

25.7

1.5

Research and development expense

3,597

15.1

3,422

14.7

5.1

In-process research and development

-

-

900

3.9

Interest (income) expense, net

(99

)

(0.4

)

7

0.0

Other (income) expense, net

493

2.1

1,850

7.9

Restructuring

82

0.3

60

0.2

Earnings before provision for taxes on income

5,822

24.5

3,849

16.5

51.3

Provision for taxes on income

1,364

5.8

182

0.8

649.5

Net earnings

$

4,458

18.7

$

3,667

15.7

21.6

Net earnings per share (Diluted)

$

1.68

$

1.37

22.6

Average shares outstanding (Diluted)

2,661.3

2,674.9

Effective tax rate

23.4

%

4.7

%

Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

8,073

33.9

$

8,058

34.5

0.2

Net earnings

$

6,779

28.5

$

6,968

29.9

(2.7

)

Net earnings per share (Diluted)

$

2.55

$

2.60

(1.9

)

Effective tax rate

16.0

%

13.5

%

(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures) NINE MONTHS

2022

2021

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$

71,237

100.0

$

68,971

100.0

3.3

Cost of products sold

23,324

32.7

21,900

31.8

6.5

Gross Profit

47,913

67.3

47,071

68.2

1.8

Selling, marketing and administrative expenses

18,253

25.7

17,505

25.4

4.3

Research and development expense

10,762

15.1

9,994

14.5

7.7

In-process research and development

610

0.9

900

1.3

Interest (income) expense, net

(137

)

(0.2

)

83

0.1

Other (income) expense, net

664

0.9

480

0.7

Restructuring

237

0.3

169

0.2

Earnings before provision for taxes on income

17,524

24.6

17,940

26.0

(2.3

)

Provision for taxes on income

3,103

4.4

1,798

2.6

72.6

Net earnings

$

14,421

20.2

$

16,142

23.4

(10.7

)

Net earnings per share (Diluted)

$

5.41

$

6.04

(10.4

)

Average shares outstanding (Diluted)

2,667.5

2,674.6

Effective tax rate

17.7

%

10.0

%

Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

24,462

34.3

$

24,125

35.0

1.4

Net earnings

$

20,820

29.2

$

20,517

29.7

1.5

Net earnings per share (Diluted)

$

7.81

$

7.67

1.8

Effective tax rate

14.9

%

15.0

%

(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

Third Quarter

Nine Months Ended

(Dollars in Millions Except Per Share Data)

2022

2021

2022

2021

Net Earnings, after tax- as reported

$4,458

$3,667

$14,421

$16,142

Pre-tax Adjustments
Intangible Asset Amortization expense

1,041

1,159

3,244

3,576

Litigation related

219

2,077

604

2,054

IPR&D

-

900

610

900

Restructuring related

123

121

323

333

Acquisition, integration and divestiture related ¹

-

20

-

(504

)

(Gains)/losses on securities

164

(127

)

684

(335

)

Medical Device Regulation 2

78

59

208

161

COVID-19 Vaccine related costs 3

377

-

653

-

Consumer Health separation costs

249

-

619

-

Other

-

-

(7

)

-

Tax Adjustments
Tax impact on special item adjustments 4

(379

)

(849

)

(1,085

)

(1,097

)

Consumer Health separation tax related costs

361

-

459

-

Tax legislation and other tax related

88

(59

)

87

(713

)

Adjusted Net Earnings, after tax

$6,779

$6,968

$20,820

$20,517

Average shares outstanding (Diluted)

2,661.3

2,674.9

2,667.5

2,674.6

Adjusted net earnings per share (Diluted)

$2.55

$2.60

$7.81

$7.67

Operational adjusted net earnings per share (Diluted)

$2.75

$8.25

Notes:

1

Acquisition, integration and divestiture related for the nine months of 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S.

2

European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company's previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.

3

COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all customer contractual requirements.

4

The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
THIRD QUARTER 2022 ACTUAL vs. 2021 ACTUAL
Segments
Consumer Health Pharmaceutical MedTech Total
WW As Reported

(0.4

)%

2.6

%

2.1

%

1.9

%

U.S.

2.1

%

3.0

%

7.7

%

4.1

%

International

(2.3

)%

2.0

%

(2.9

)%

(0.3

)%

WW Currency

(5.1

)

(6.4

)

(6.0

)

(6.2

)

U.S.

-

-

-

-

International

(9.0

)

(14.7

)

(11.4

)

(12.6

)

WW Operational

4.7

%

9.0

%

8.1

%

8.1

%

U.S.

2.1

%

3.0

%

7.7

%

4.1

%

International

6.7

%

16.7

%

8.5

%

12.3

%

All Other Acquisitions and Divestitures

0.1

0.2

0.0

0.1

U.S.

0.2

0.2

(0.2

)

0.1

International

0.0

0.1

0.2

0.1

WW Adjusted Operational

4.8

%

9.2

%

8.1

%

8.2

%

U.S.

2.3

%

3.2

%

7.5

%

4.2

%

International

6.7

%

16.8

%

8.7

%

12.4

%

Note: Percentages are based on actual, non-rounded figures and may not sum.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
NINE MONTHS 2022 ACTUAL vs. 2021 ACTUAL
Segments
Consumer Health Pharmaceutical MedTech Total
WW As Reported

(1.1

)%

5.2

%

2.2

%

3.3

%

U.S.

(1.7

)%

3.4

%

4.9

%

3.1

%

International

(0.6

)%

7.3

%

(0.1

)%

3.5

%

WW Currency

(3.7

)

(5.0

)

(4.4

)

(4.6

)

U.S.

-

-

-

-

International

(6.6

)

(11.2

)

(8.3

)

(9.4

)

WW Operational

2.6

%

10.2

%

6.6

%

7.9

%

U.S.

(1.7

)%

3.4

%

4.9

%

3.1

%

International

6.0

%

18.5

%

8.2

%

12.9

%

All Other Acquisitions and Divestitures

0.5

0.1

0.1

0.2

U.S.

0.2

0.1

(0.2

)

0.1

International

0.7

0.1

0.2

0.2

WW Adjusted Operational

3.1

%

10.3

%

6.7

%

8.1

%

U.S.

(1.5

)%

3.5

%

4.7

%

3.2

%

International

6.7

%

18.6

%

8.4

%

13.1

%

Note: Percentages are based on actual, non-rounded figures and may not sum.
REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER NINE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

CONSUMER HEALTH SEGMENT (2,3)
OTC
US

$

695

686

1.4

%

1.4

%

-

$

2,028

1,960

3.5

%

3.5

%

-

Intl

825

798

3.4

%

12.2

%

-8.8

%

2,434

2,223

9.5

%

16.3

%

-6.8

%

WW

1,519

1,484

2.5

%

7.2

%

-4.7

%

4,462

4,183

6.7

%

10.3

%

-3.6

%

SKIN HEALTH / BEAUTY
US

591

569

3.7

%

3.7

%

-

1,764

1,862

-5.3

%

-5.3

%

-

Intl

535

555

-3.6

%

6.2

%

-9.8

%

1,500

1,595

-6.0

%

1.5

%

-7.5

%

WW

1,126

1,124

0.1

%

5.0

%

-4.9

%

3,264

3,457

-5.6

%

-2.2

%

-3.4

%

ORAL CARE
US

158

150

5.2

%

5.2

%

-

471

478

-1.5

%

-1.5

%

-

Intl

217

248

-12.4

%

-4.3

%

-8.1

%

664

762

-12.8

%

-7.2

%

-5.6

%

WW

375

398

-5.8

%

-0.7

%

-5.1

%

1,135

1,240

-8.5

%

-5.0

%

-3.5

%

BABY CARE
US

91

95

-4.0

%

-4.0

%

-

264

288

-8.2

%

-8.2

%

-

Intl

283

296

-4.5

%

3.4

%

-7.9

%

840

879

-4.4

%

0.8

%

-5.2

%

WW

375

391

-4.3

%

1.6

%

-5.9

%

1,105

1,167

-5.4

%

-1.5

%

-3.9

%

WOMEN'S HEALTH
US

2

3

-22.0

%

-22.0

%

-

9

9

-2.8

%

-2.8

%

-

Intl

222

229

-2.7

%

8.4

%

-11.1

%

674

675

-0.1

%

8.0

%

-8.1

%

WW

225

232

-3.0

%

7.9

%

-10.9

%

684

684

-0.1

%

7.8

%

-7.9

%

WOUND CARE / OTHER
US

122

122

-0.2

%

-0.2

%

-

366

390

-6.0

%

-6.0

%

-

Intl

53

61

-11.4

%

-7.1

%

-4.3

%

170

186

-8.2

%

-5.4

%

-2.8

%

WW

176

182

-3.9

%

-2.5

%

-1.4

%

537

575

-6.7

%

-5.8

%

-0.9

%

TOTAL CONSUMER HEALTH
US

1,659

1,625

2.1

%

2.1

%

-

4,903

4,987

-1.7

%

-1.7

%

-

Intl

2,136

2,187

-2.3

%

6.7

%

-9.0

%

6,283

6,320

-0.6

%

6.0

%

-6.6

%

WW

$

3,795

3,812

-0.4

%

4.7

%

-5.1

%

$

11,186

11,307

-1.1

%

2.6

%

-3.7

%

See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER NINE MONTHS
% Change % Change
PHARMACEUTICAL SEGMENT (2,3)

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

IMMUNOLOGY
US

$

2,876

2,771

3.8

%

3.8

%

-

$

8,230

7,932

3.8

%

3.8

%

-

Intl

1,411

1,480

-4.7

%

8.9

%

-13.6

%

4,587

4,464

2.8

%

12.9

%

-10.1

%

WW

4,287

4,250

0.9

%

5.6

%

-4.7

%

12,817

12,395

3.4

%

7.1

%

-3.7

%

REMICADE
US

350

480

-27.0

%

-27.0

%

-

1,099

1,508

-27.1

%

-27.1

%

-

US Exports (4)

39

47

-16.9

%

-16.9

%

-

163

197

-17.2

%

-17.2

%

-

Intl

169

234

-27.8

%

-22.8

%

-5.0

%

606

721

-16.0

%

-11.9

%

-4.1

%

WW

558

761

-26.6

%

-25.1

%

-1.5

%

1,868

2,426

-23.0

%

-21.8

%

-1.2

%

SIMPONI / SIMPONI ARIA
US

298

295

0.9

%

0.9

%

-

886

840

5.4

%

5.4

%

-

Intl

248

276

-10.4

%

3.0

%

-13.4

%

797

877

-9.2

%

0.4

%

-9.6

%

WW

545

571

-4.6

%

1.9

%

-6.5

%

1,682

1,717

-2.0

%

2.9

%

-4.9

%

STELARA
US

1,655

1,569

5.5

%

5.5

%

-

4,766

4,396

8.4

%

8.4

%

-

Intl

794

809

-1.9

%

12.9

%

-14.8

%

2,571

2,404

6.9

%

18.2

%

-11.3

%

WW

2,449

2,378

3.0

%

8.0

%

-5.0

%

7,336

6,800

7.9

%

11.9

%

-4.0

%

TREMFYA
US

530

376

40.7

%

40.7

%

-

1,303

975

33.6

%

33.6

%

-

Intl

200

161

24.6

%

44.5

%

-19.9

%

613

459

33.7

%

49.0

%

-15.3

%

WW

729

537

35.9

%

41.9

%

-6.0

%

1,916

1,434

33.6

%

38.5

%

-4.9

%

OTHER IMMUNOLOGY
US

5

3

*

*

-

14

15

-3.5

%

-3.5

%

-

Intl

0

0

*

*

*

0

3

*

*

*

WW

5

3

*

*

*

14

18

-19.3

%

-19.3

%

0.0

%

INFECTIOUS DISEASES
US

390

679

-42.7

%

-42.7

%

-

1,266

1,635

-22.6

%

-22.6

%

-

Intl

905

698

29.7

%

49.1

%

-19.4

%

2,642

1,758

50.3

%

67.1

%

-16.8

%

WW

1,295

1,378

-6.0

%

3.8

%

-9.8

%

3,908

3,394

15.2

%

23.9

%

-8.7

%

COVID-19 VACCINE
US

0

270

*

*

-

120

421

-71.5

%

-71.5

%

-

Intl

489

233

*

*

*

1,370

346

*

*

*

WW

489

502

-2.7

%

13.1

%

-15.8

%

1,490

766

*

*

*

EDURANT / rilpivirine
US

9

12

-27.1

%

-27.1

%

-

27

31

-14.5

%

-14.5

%

-

Intl

237

247

-4.2

%

9.8

%

-14.0

%

691

733

-5.7

%

4.8

%

-10.5

%

WW

245

259

-5.2

%

8.2

%

-13.4

%

718

764

-6.1

%

4.0

%

-10.1

%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US

372

380

-2.2

%

-2.2

%

-

1,096

1,128

-2.9

%

-2.9

%

-

Intl

112

137

-17.9

%

-6.3

%

-11.6

%

354

440

-19.5

%

-11.2

%

-8.3

%

WW

485

517

-6.4

%

-3.3

%

-3.1

%

1,450

1,568

-7.5

%

-5.2

%

-2.3

%

OTHER INFECTIOUS DISEASES
US

10

18

-46.4

%

-46.4

%

-

24

55

-57.2

%

-57.2

%

-

Intl

68

82

-17.1

%

-10.8

%

-6.3

%

228

240

-5.0

%

0.2

%

-5.2

%

WW

77

99

-22.4

%

-17.2

%

-5.2

%

251

295

-14.8

%

-10.6

%

-4.2

%

REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER NINE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

NEUROSCIENCE
US

919

835

10.0

%

10.0

%

-

2,658

2,448

8.6

%

8.6

%

-

Intl

763

845

-9.9

%

1.8

%

-11.7

%

2,498

2,751

-9.2

%

-0.6

%

-8.6

%

WW

1,681

1,680

0.0

%

5.9

%

-5.9

%

5,156

5,199

-0.8

%

3.7

%

-4.5

%

CONCERTA / Methylphenidate
US

41

35

19.3

%

19.3

%

-

114

117

-2.2

%

-2.2

%

-

Intl

117

122

-4.4

%

8.0

%

-12.4

%

362

372

-2.6

%

6.5

%

-9.1

%

WW

158

157

0.8

%

10.5

%

-9.7

%

476

489

-2.5

%

4.4

%

-6.9

%

INVEGA SUSTENNA / XEPLION /

I NVEGA TRINZA / TREVICTA

US

684

648

5.3

%

5.3

%

-

2,036

1,882

8.1

%

8.1

%

-

Intl

348

355

-2.3

%

12.2

%

-14.5

%

1,097

1,111

-1.3

%

9.4

%

-10.7

%

WW

1,031

1,004

2.6

%

7.8

%

-5.2

%

3,132

2,994

4.6

%

8.6

%

-4.0

%

RISPERDAL CONSTA
US

67

71

-6.1

%

-6.1

%

-

195

210

-7.1

%

-7.1

%

-

Intl

52

69

-24.2

%

-11.3

%

-12.9

%

178

242

-26.3

%

-17.0

%

-9.3

%

WW

119

140

-14.9

%

-8.6

%

-6.3

%

373

452

-17.4

%

-12.4

%

-5.0

%

OTHER NEUROSCIENCE
US

127

81

57.2

%

57.2

%

-

313

239

31.1

%

31.1

%

-

Intl

246

298

-17.9

%

-10.0

%

-7.9

%

861

1,026

-16.2

%

-10.2

%

-6.0

%

WW

374

379

-1.9

%

4.3

%

-6.2

%

1,174

1,265

-7.3

%

-2.4

%

-4.9

%

ONCOLOGY
US

1,812

1,525

18.8

%

18.8

%

-

5,073

4,364

16.2

%

16.2

%

-

Intl

2,252

2,140

5.2

%

20.9

%

-15.7

%

6,983

6,406

9.0

%

20.8

%

-11.8

%

WW

4,064

3,665

10.9

%

20.0

%

-9.1

%

12,056

10,770

11.9

%

19.0

%

-7.1

%

DARZALEX
US

1,097

841

30.3

%

30.3

%

-

3,071

2,302

33.4

%

33.4

%

-

Intl

955

739

29.3

%

48.2

%

-18.9

%

2,823

2,076

36.0

%

50.8

%

-14.8

%

WW

2,052

1,580

29.8

%

38.7

%

-8.9

%

5,894

4,378

34.6

%

41.6

%

-7.0

%

ERLEADA
US

254

214

19.1

%

19.1

%

-

693

578

20.0

%

20.0

%

-

Intl

235

130

*

*

*

647

329

*

*

*

WW

490

344

42.2

%

51.2

%

-9.0

%

1,340

907

47.7

%

54.9

%

-7.2

%

IMBRUVICA
US

353

413

-14.6

%

-14.6

%

-

1,072

1,311

-18.3

%

-18.3

%

-

Intl

559

654

-14.6

%

-2.5

%

-12.1

%

1,847

1,996

-7.5

%

1.9

%

-9.4

%

WW

911

1,066

-14.6

%

-7.2

%

-7.4

%

2,918

3,307

-11.8

%

-6.1

%

-5.7

%

ZYTIGA / abiraterone acetate
US

16

25

-33.1

%

-33.1

%

-

54

96

-43.4

%

-43.4

%

-

Intl

440

523

-15.9

%

-1.2

%

-14.7

%

1,446

1,653

-12.5

%

-1.9

%

-10.6

%

WW

456

548

-16.7

%

-2.6

%

-14.1

%

1,500

1,749

-14.2

%

-4.2

%

-10.0

%

OTHER ONCOLOGY
US

92

32

*

*

-

183

76

*

*

-

Intl

64

94

-32.1

%

-22.6

%

-9.5

%

220

352

-37.5

%

-31.2

%

-6.3

%

WW

155

126

23.1

%

30.2

%

-7.1

%

403

428

-5.9

%

-0.8

%

-5.1

%

REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER NINE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

PULMONARY HYPERTENSION
US

604

610

-1.1

%

-1.1

%

-

1,736

1,778

-2.4

%

-2.4

%

-

Intl

247

258

-3.8

%

12.5

%

-16.3

%

810

821

-1.3

%

10.5

%

-11.8

%

WW

852

868

-1.9

%

3.0

%

-4.9

%

2,547

2,599

-2.0

%

1.7

%

-3.7

%

OPSUMIT
US

289

299

-3.4

%

-3.4

%

-

827

861

-4.0

%

-4.0

%

-

Intl

152

159

-4.7

%

11.6

%

-16.3

%

495

510

-3.0

%

8.7

%

-11.7

%

WW

441

458

-3.9

%

1.8

%

-5.7

%

1,322

1,371

-3.6

%

0.7

%

-4.3

%

UPTRAVI
US

283

265

6.6

%

6.6

%

-

824

792

3.9

%

3.9

%

-

Intl

50

44

14.2

%

29.5

%

-15.3

%

162

135

20.4

%

32.1

%

-11.7

%

WW

333

309

7.7

%

9.9

%

-2.2

%

986

927

6.3

%

8.0

%

-1.7

%

OTHER PULMONARY HYPERTENSION
US

33

47

-29.5

%

-29.5

%

-

86

125

-31.3

%

-31.3

%

-

Intl

46

54

-15.7

%

1.2

%

-16.9

%

154

176

-13.0

%

-1.0

%

-12.0

%

WW

78

101

-22.1

%

-12.9

%

-9.2

%

239

301

-20.5

%

-13.5

%

-7.0

%

CARDIOVASCULAR / METABOLISM / OTHER
US

837

800

4.5

%

4.5

%

-

2,266

2,379

-4.8

%

-4.8

%

-

Intl

198

241

-17.5

%

-8.8

%

-8.7

%

651

727

-10.4

%

-3.8

%

-6.6

%

WW

1,034

1,041

-0.6

%

1.4

%

-2.0

%

2,916

3,106

-6.1

%

-4.5

%

-1.6

%

XARELTO
US

689

636

8.4

%

8.4

%

-

1,806

1,794

0.7

%

0.7

%

-

Intl

-

-

-

-

-

-

-

-

-

-

WW

689

636

8.4

%

8.4

%

-

1,806

1,794

0.7

%

0.7

%

-

INVOKANA / INVOKAMET
US

49

66

-25.8

%

-25.8

%

-

164

249

-34.1

%

-34.1

%

-

Intl

60

67

-11.0

%

-2.5

%

-8.5

%

193

194

-0.6

%

6.1

%

-6.7

%

WW

109

133

-18.4

%

-14.1

%

-4.3

%

357

443

-19.5

%

-16.6

%

-2.9

%

OTHER
US

98

98

-0.1

%

-0.1

%

-

295

336

-12.2

%

-12.2

%

-

Intl

138

173

-20.0

%

-11.3

%

-8.7

%

458

533

-14.0

%

-7.3

%

-6.7

%

WW

236

271

-12.8

%

-7.3

%

-5.5

%

753

869

-13.3

%

-9.2

%

-4.1

%

TOTAL PHARMACEUTICAL
US

7,438

7,221

3.0

%

3.0

%

-

21,229

20,536

3.4

%

3.4

%

-

Intl

5,776

5,661

2.0

%

16.7

%

-14.7

%

18,171

16,927

7.3

%

18.5

%

-11.2

%

WW

$

13,214

12,882

2.6

%

9.0

%

-6.4

%

$

39,400

37,463

5.2

%

10.2

%

-5.0

%

See footnotes at end of schedule

REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER NINE MONTHS

% Change

% Change

MEDTECH SEGMENT (2,3,5)

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

INTERVENTIONAL SOLUTIONS
US

$

547

444

23.2

%

23.2

%

-

$

1,566

1,353

15.7

%

15.7

%

-

Intl

513

513

0.0

%

13.0

%

-13.0

%

1,636

1,599

2.3

%

11.1

%

-8.8

%

WW

1,060

957

10.8

%

17.7

%

-6.9

%

3,202

2,952

8.5

%

13.2

%

-4.7

%

ORTHOPAEDICS
US

1,309

1,249

4.8

%

4.8

%

-

3,936

3,821

3.0

%

3.0

%

-

Intl

785

843

-6.9

%

4.6

%

-11.5

%

2,504

2,611

-4.1

%

4.3

%

-8.4

%

WW

2,095

2,093

0.1

%

4.7

%

-4.6

%

6,440

6,433

0.1

%

3.5

%

-3.4

%

HIPS
US

228

209

9.1

%

9.1

%

-

693

651

6.5

%

6.5

%

-

Intl

124

146

-15.1

%

-4.5

%

-10.6

%

437

451

-3.3

%

4.6

%

-7.9

%

WW

352

355

-0.9

%

3.5

%

-4.4

%

1,129

1,102

2.5

%

5.7

%

-3.2

%

KNEES
US

203

184

9.8

%

9.8

%

-

620

579

6.9

%

6.9

%

-

Intl

115

131

-12.8

%

-2.1

%

-10.7

%

386

403

-4.4

%

3.7

%

-8.1

%

WW

317

316

0.4

%

4.9

%

-4.5

%

1,005

983

2.3

%

5.6

%

-3.3

%

TRAUMA
US

473

455

3.8

%

3.8

%

-

1,412

1,352

4.4

%

4.4

%

-

Intl

244

260

-6.0

%

6.5

%

-12.5

%

749

805

-7.0

%

2.3

%

-9.3

%

WW

717

715

0.2

%

4.8

%

-4.6

%

2,161

2,157

0.2

%

3.6

%

-3.4

%

SPINE, SPORTS & OTHER
US

406

401

1.3

%

1.3

%

-

1,211

1,239

-2.2

%

-2.2

%

-

Intl

303

306

-1.1

%

10.2

%

-11.3

%

933

952

-2.0

%

6.1

%

-8.1

%

WW

708

706

0.3

%

5.2

%

-4.9

%

2,144

2,190

-2.1

%

1.4

%

-3.5

%

REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER NINE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

SURGERY
US

984

948

3.7

%

3.7

%

-

2,897

2,881

0.5

%

0.5

%

-

Intl

1,439

1,457

-1.2

%

9.3

%

-10.5

%

4,410

4,418

-0.2

%

7.3

%

-7.5

%

WW

2,422

2,405

0.7

%

7.1

%

-6.4

%

7,306

7,299

0.1

%

4.6

%

-4.5

%

ADVANCED
US

457

440

3.8

%

3.8

%

-

1,328

1,304

1.8

%

1.8

%

-

Intl

701

705

-0.4

%

9.8

%

-10.2

%

2,132

2,126

0.3

%

7.2

%

-6.9

%

WW

1,158

1,144

1.2

%

7.5

%

-6.3

%

3,460

3,430

0.9

%

5.2

%

-4.3

%

GENERAL
US

527

508

3.6

%

3.6

%

-

1,569

1,577

-0.5

%

-0.5

%

-

Intl

737

752

-2.0

%

8.8

%

-10.8

%

2,277

2,292

-0.6

%

7.3

%

-7.9

%

WW

1,264

1,261

0.3

%

6.7

%

-6.4

%

3,846

3,869

-0.6

%

4.1

%

-4.7

%

VISION
US

517

475

8.8

%

8.8

%

-

1,534

1,414

8.5

%

8.5

%

-

Intl

689

714

-3.5

%

8.4

%

-11.9

%

2,170

2,103

3.2

%

12.9

%

-9.7

%

WW

1,206

1,189

1.4

%

8.6

%

-7.2

%

3,704

3,517

5.3

%

11.1

%

-5.8

%

CONTACT LENSES / OTHER
US

405

359

12.6

%

12.6

%

-

1,179

1,082

9.0

%

9.0

%

-

Intl

503

522

-3.6

%

9.5

%

-13.1

%

1,533

1,525

0.5

%

11.1

%

-10.6

%

WW

908

882

3.0

%

10.8

%

-7.8

%

2,712

2,607

4.0

%

10.2

%

-6.2

%

SURGICAL
US

112

117

-3.2

%

-3.2

%

-

355

333

6.8

%

6.8

%

-

Intl

186

191

-3.3

%

5.6

%

-8.9

%

637

577

10.3

%

17.6

%

-7.3

%

WW

298

308

-3.2

%

2.3

%

-5.5

%

992

910

9.0

%

13.6

%

-4.6

%

TOTAL MEDTECH
US

3,356

3,117

7.7

%

7.7

%

-

9,932

9,470

4.9

%

4.9

%

-

Intl

3,426

3,527

-2.9

%

8.5

%

-11.4

%

10,719

10,731

-0.1

%

8.2

%

-8.3

%

WW

$

6,782

6,644

2.1

%

8.1

%

-6.0

%

$

20,651

20,201

2.2

%

6.6

%

-4.4

%

Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures
(4) Reported as U.S. sales
(5) Previously referred to as Medical Devices
Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)

THIRD QUARTER

NINE MONTHS

Percent Change

Percent Change

2022

2021

Total

Operations

Currency

2022

2021

Total

Operations

Currency

Pharmaceutical
U.S.

$

7,438

7,221

3.0

%

3.0

-

$

21,229

20,536

3.4

%

3.4

-

International

5,776

5,661

2.0

16.7

(14.7

)

18,171

16,927

7.3

18.5

(11.2

)

Worldwide

13,214

12,882

2.6

9.0

(6.4

)

39,400

37,463

5.2

10.2

(5.0

)

COVID-19 Vaccine
U.S.

0

270

* *

-

120

421

(71.5

)

(71.5

)

-

International

489

233

* * *

1,370

346

* * *
Worldwide

489

502

(2.7

)

13.1

(15.8

)

1,490

766

* * *
Pharmaceutical excluding COVID-19 Vaccine
U.S.

7,438

6,951

7.0

7.0

-

21,109

20,115

4.9

4.9

-

International

5,287

5,429

(2.6

)

11.3

(13.9

)

16,801

16,582

1.3

11.7

(10.4

)

Worldwide

12,725

12,380

2.8

8.9

(6.1

)

37,910

36,697

3.3

8.0

(4.7

)

Worldwide
U.S.

12,453

11,963

4.1

4.1

-

36,064

34,993

3.1

3.1

-

International

11,338

11,375

(0.3

)

12.3

(12.6

)

35,173

33,978

3.5

12.9

(9.4

)

Worldwide

23,791

23,338

1.9

8.1

(6.2

)

71,237

68,971

3.3

7.9

(4.6

)

COVID-19 Vaccine
U.S.

0

270

* *

-

120

421

(71.5

)

(71.5

)

-

International

489

233

* * *

1,370

346

* * *
Worldwide

489

502

(2.7

)

13.1

(15.8

)

1,490

766

* * *
Worldwide
U.S.

12,453

11,693

6.5

6.5

-

35,944

34,572

4.0

4.0

-

International

10,849

11,143

(2.6

)

9.5

(12.1

)

33,803

33,633

0.5

9.5

(9.0

)

Worldwide excluding COVID-19 Vaccine

$

23,302

22,836

2.0

%

8.0

(6.0

)

$

69,747

68,205

2.3

%

6.7

(4.4

)

Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q3 QTD - Income Before Tax by Segment*
Dollars in Millions

Consumer Health 1

Pharmaceutical 1

MedTech

Unallocated

Consumer Health Separation Costs

Worldwide Total

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

Reported Income Before Tax by Segment $

809

(577

)

4,249

4,200

1,124

423

(111

)

(197

)

(249

)

-

5,822

3,849

% to Sales

21.3

%

-15.1

%

32.2

%

32.6

%

16.6

%

6.4

%

-0.5

%

-0.8

%

-1.0

%

0.0

%

24.5

%

16.5

%

Intangible asset amortization expense

83

103

698

799

260

257

-

-

-

-

1,041

1,159

In-process research and development

-

-

-

900

-

-

-

-

-

900

Litigation related

-

1,359

7

756

212

(38

)

-

-

-

-

219

2,077

Loss/(gain) on securities

-

1

177

(135

)

(13

)

7

-

-

-

-

164

(127

)

Restructuring related

31

36

23

17

69

68

-

-

-

-

123

121

Acquisition, integration and divestiture related

-

-

-

3

-

17

-

-

-

-

-

20

Medical Device Regulation

-

-

-

-

78

59

-

-

-

-

78

59

COVID-19 Vaccine related costs

-

-

377

-

-

-

-

-

-

-

377

-

Consumer Health separation costs

-

-

-

-

-

-

-

-

249

-

249

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

Adjusted Income Before Tax by Segment $

923

922

5,531

5,640

1,730

1,693

(111

)

(197

)

-

-

8,073

8,058

% to Sales

24.3

%

24.2

%

41.9

%

43.8

%

25.5

%

25.5

%

-0.5

%

-0.8

%

0.0

%

0.0

%

33.9

%

34.5

%

1 Prior year income before tax has been reclassified as Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
*Estimated as of 10/18/2022
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q3 YTD - Income Before Tax by Segment*
Dollars in Millions

Consumer Health 1

Pharmaceutical 1

MedTech

Unallocated

Consumer Health

Separation Costs

Worldwide Total

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

Reported Income Before Tax by Segment $

2,279

1,131

12,593

13,663

3,742

3,798

(471

)

(652

)

(619

)

-

17,524

17,940

% to Sales

20.4

%

10.0

%

32.0

%

36.5

%

18.1

%

18.8

%

-0.7

%

-0.9

%

-0.9

%

0.0

%

24.6

%

26.0

%

Intangible asset amortization expense

277

314

2,194

2,497

773

765

-

-

-

-

3,244

3,576

In-process research and development

-

-

610

-

-

900

-

-

-

-

610

900

Litigation related

78

1,481

43

675

483

(102

)

-

-

-

-

604

2,054

Loss/(gain) on securities

-

(19

)

673

(249

)

11

(67

)

-

-

-

-

684

(335

)

Restructuring related

70

91

32

54

221

188

-

-

-

-

323

333

Acquisition, integration and divestiture related

-

-

-

(567

)

-

63

-

-

-

-

-

(504

)

Medical Device Regulation

-

-

-

-

208

161

-

-

-

-

208

161

COVID-19 Vaccine related costs

-

-

653

-

-

-

-

-

-

-

653

-

Consumer Health separation costs

-

-

-

-

-

-

-

-

619

-

619

-

Other

-

-

-

-

-

-

(7

)

-

-

-

(7

)

-

Adjusted Income Before Tax by Segment $

2,704

2,998

16,798

16,073

5,438

5,706

(478

)

(652

)

-

-

24,462

24,125

% to Sales

24.2

%

26.5

%

42.6

%

42.9

%

26.3

%

28.2

%

-0.7

%

-0.9

%

0.0

%

0.0

%

34.3

%

35.0

%

1 Prior year income before tax has been reclassified as Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
*Estimated as of 10/18/2022
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date

Third Quarter

Oct 2, 2022

GAAP

Intangible asset amortization

Litigation related

In-process research and development

Restructuring related

Acquisition, integration and divestiture related

(Loss)/gain on securities

Medical Device Regulation

COVID-19 Vaccine Related Costs

Consumer Health separation costs

Consumer Health separation tax related costs

Tax legislation and other tax related

Other

Third Quarter

Oct 2, 2022

Non-GAAP

Cost of products sold

$

7,807

(1,041

)

(13

)

(29

)

(102

)

-

-

-

-

6,622

Selling, marketing and admin expenses

6,089

(7

)

(2

)

6,080

Research and development expense

3,597

-

(42

)

(80

)

-

3,475

Other (Income) / Expense

493

-

(219

)

(28

)

-

(164

)

(195

)

(247

)

-

-

(360

)

In-process research and development

-

-

-

Restructuring

82

(82

)

-

Provision for taxes on income

1,364

164

(7

)

-

23

-

43

15

96

45

(361

)

(88

)

-

1,294

Net Earnings

4,458

877

226

-

100

-

121

63

281

204

361

88

-

6,779

Third Quarter

Oct 3, 2021

GAAP

Intangible asset amortization

Litigation related

In-process research and development

Restructuring related

Acquisition, integration and divestiture related

(Loss)/gain on securities

Medical Device Regulation

COVID-19 Vaccine Related Costs

Consumer Health separation costs

Consumer Health separation tax related costs

Tax legislation and other tax related

Other

Second Quarter

Oct 3, 2021

Non-GAAP

Cost of products sold

$

7,250

(1,133

)

(18

)

(22

)

6,077

Selling, marketing and admin expenses

6,000

(6

)

5,994

Research and development expense

3,422

-

(31

)

3,391

Other (Income) / Expense

1,850

(26

)

(2,077

)

(43

)

(20

)

127

-

-

-

-

(189

)

In-process research and development

900

(900

)

-

Restructuring

60

(60

)

-

Provision for taxes on income

182

165

433

202

22

(6

)

22

11

-

-

-

59

-

1,090

Net Earnings

3,667

994

1,644

698

99

26

(149

)

48

-

-

-

(59

)

-

6,968

Year to Date

Nine Months

Oct 2, 2022

GAAP

Intangible asset amortization

Litigation related

In-process research and development

Restructuring related

Acquisition, integration and divestiture related

(Loss)/gain on securities

Medical Device Regulation

COVID-19 Vaccine Related Costs

Consumer Health separation costs

Consumer Health separation tax related costs

Tax legislation and other tax related

Other

Nine Months

Oct 2, 2022

Non-GAAP

Cost of products sold

$

23,324

(3,232

)

(46

)

(76

)

(296

)

19,674

Selling, marketing and admin expenses

18,253

(19

)

(2

)

18,232

Research and development expense

10,762

-

(113

)

(190

)

10,459

Other (Income) / Expense

664

(12

)

(604

)

(40

)

-

(684

)

(167

)

(617

)

-

7

(1,453

)

In-process research and development

610

(610

)

-

Restructuring

237

(237

)

-

Provision for taxes on income

3,103

502

(89

)

138

60

-

164

39

161

112

(459

)

(87

)

(2

)

3,642

Net Earnings

14,421

2,742

693

472

263

-

520

169

492

507

459

87

(5

)

20,820

Nine Months

Oct 3, 2021

GAAP

Intangible asset amortization

Litigation related

In-process research and development

Restructuring related

Acquisition, integration and divestiture related (1)

(Loss)/gain on securities

Medical Device Regulation

COVID-19 Vaccine Related Costs

Consumer Health separation costs

Consumer Health separation tax related costs

Tax legislation and other tax related

Other

Nine Months

Oct 3, 202

Non-GAAP

Cost of products sold

$

21,900

(3,550

)

(65

)

(59

)

18,226

Selling, marketing and admin expenses

17,505

(17

)

17,488

Research and development expense

9,994

-

(85

)

9,909

Other (Income) / Expense

480

(26

)

(2,054

)

(99

)

504

335

-

-

-

-

(860

)

In-process research and development

900

(900

)

-

Restructuring

169

(169

)

-

Provision for taxes on income

1,798

505

432

202

59

(104

)

(27

)

30

-

-

-

713

-

3,608

Net Earnings

16,142

3,071

1,622

698

274

(400

)

(308

)

131

-

-

-

(713

)

-

20,517

(1) 2021 primarily includes gains on the divestitures of two Pharmaceutical brands outside of the United States.

Press Contacts:
Jake Sargent
(732) 524-1090

Investor Contacts:

Jessica Moore
(732) 524-2955

Sarah Wood
(732) 524-2617

News Provided by Business Wire via QuoteMedia

JNJ

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| Source:Minerva Neurosciences, Inc.



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About Minerva Neurosciences:
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